Purchase Restrictions: Class F-2 shares are available through certain registered investment advisor and fee-based programs, but are not available for purchase in most employer-sponsored retirement plans. See the prospectus for details.

Summary

A focus on income and conservation of capital.
This portfolio is designed for retirees who desire a potentially lower level of downside risk in exchange for a potentially lower level of income and growth of capital.

Returns with Sales Charge

Returns as of 1/31/18 (updated monthly).
Yield as of 1/31/18 (updated monthly).

Description

Fund Objective

The fund strives for the accomplishment of three investment objectives: current income, long-term growth of capital and conservation of capital, with an emphasis on income and conservation of capital.

Distinguishing Characteristics

The fund will invest in a mix of American Funds in varying combinations and weightings over time. The Conservative Portfolio is designed to produce current income with somewhat less volatility than the other two portfolios in the American Funds Retirement Income Portfolio Series. This approach is likely to lead to less downside risk, but also currently offers investors a lower level of current income and long-term growth potential.

Types of Investments

The underlying American Funds will typically seek to generate income from their investments, as the Conservative Portfolio is weighted more toward fixed-income securities and will also consist of equity-income and balanced funds. The fund may also invest in growth-and-income funds. Through its investments in the underlying funds, the fund will have significant exposure to fixed-income securities and to dividend-paying common stocks.

Fund Facts

Fund Inception

8/28/2015

Fund Assets (millions)

As of 1/31/2018

$490.1

Companies/Issuers

Holdings are as of 10/31/2017 (updated as of most recent fiscal year-end).

About Our Funds

Figures shown are past results and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely.View fund expense ratios and returns.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.

Fund shares of U.S. Government Securities Fund are not guaranteed by the U.S. government.

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries.

The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings.Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds.Investments in mortgage-related securities involve additional risks, such as prepayment risk, as more fully described in the prospectus.While not directly correlated to changes in interest rates, the values of inflation-linked bonds generally fluctuate in response to changes in real interest rates and may experience greater losses than other debt securities with similar durations.

For more information about the risks associated with each fund, go to its detailed fund information page or read the prospectus.The Retirement Income Portfolio Series' investment allocations may not achieve fund objectives, and adequate income through retirement is not guaranteed. There are expenses associated with the underlying funds in addition to fund-of-funds expenses. The funds’ risks are directly related to the risks of the underlying funds. Payments consisting of return of capital will result in a decrease in an investor’s fund share balance. Higher rates of withdrawal and withdrawals during declining markets may result in a more rapid decrease in an investor’s fund share balance. Persistent returns of capital could ultimately result in a zero account balance.

There may have been periods when the fund(s) lagged the index(es).Certain market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

All American Funds trademarks referenced are registered trademarks owned by American Funds Distributors, Inc. or an affiliated company.

Funds are managed, so holdings will change.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses.

For American Funds Retirement Income Portfolio - Conservative, the investment adviser is currently reimbursing a portion of other expenses through at least April 7, 2018, without which the results would have been lower and net expense ratios higher. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. Please see the fund's most recent prospectus for details.When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower.Read details about how waivers and/or reimbursements affect the results for each fund.View results and yields without fee waiver and/or expense reimbursement
.

The Retirement Income Portfolio Series funds are monitored; allocations and funds may change.

Excludes certain securities in initial period of acquisition.

Cash & equivalents includes short-term securities, accrued income and other assets less liabilities.

Prior to September 30, 2016, securities in the Real Estate sector were reported under the Financials sector.

Figures include convertible securities; totals may not reconcile due to rounding. Methodology notes: The equity breakdown by revenue reflects the fund’s publicly traded equity holdings and excludes cash (and fixed income securities, if applicable). Underlying revenue data were compiled by MSCI and account for disparities in the way companies report their revenues across geographic segments. MSCI breaks out each company’s reported revenues into country-by-country estimates. MSCI provides revenue data figures based on a proprietary, standardized model. Revenue exposure at the fund and index level was calculated by using FactSet, which takes these company revenue exposures and multiplies by the company’s weighting in the portfolio and index. In this breakdown, Israel has been included in Europe.

The portfolio managers shown are as of the fund's most recent prospectus dated 01/01/2018.

For funds of funds, figures are based on holdings of the underlying funds as of date shown.

Allocation percentages and underlying funds are subject to the Portfolio Oversight Committee's discretion and will evolve over time. Underlying funds may be added or removed at any time.

Calculated by American Funds. Due to differing calculation methods, the figures shown here may differ from those calculated by Morningstar.

Calculated by Morningstar. Due to differing calculation methods, the figures shown here may differ from those calculated by American Funds.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past results are not guarantee of results in future periods. Morningstar Rating is for Class F-2 only; other classes may have different performance characteristics.

The months indicated for dividends and capital gains paid represent the anticipated current year ex-dividend date schedule for all share classes.

YTD (year-to-date return): the net change in the value of the fund's shares (in percentage terms) from January 1, 2017, to the current date shown above.

Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor's, Moody's and/or Fitch, as an indication of an issuer's creditworthiness. If agency ratings differ, the security will be considered to have received the highest
of those ratings, consistent with the fund's investment policies. Securities in the Unrated category have not been rated by a rating agency; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with fund investment policies.Funds of funds’ bond ratings relate to the securities held by the portfolios' underlying mutual funds; if agency ratings of those holdings differ, the security will be considered to have received the highest of those ratings.

Expense ratios for funds of funds are as of the most recent prospectus, and include the weighted average expenses of the underlying funds.

Source for Lipper expense ratio comparison: Lipper, based on institutional load funds of funds, including the weighted average expenses of the underlying funds, for the most recent fiscal year-ends available as of 12/31/2017.

The SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities while the distribution rate reflects the fund’s past dividends paid to shareholders. Accordingly, the fund's SEC yield and distribution rate may differ.

Content contained herein is not intended to serve as impartial investment or fiduciary advice. The content has been developed by Capital Group, which receives fees for managing, distributing and/or servicing its investments.

Beta: Beta relatively measures a fund's sensitivity to market movements over a specified period of time. The beta of the market (represented by the benchmark index) is equal to 1; a beta higher than 1 implies that a fund's return was more volatile than the market. A beta lower than 1 suggests that the fund was less volatile than the market. Generally the higher the R-squared measure, the more reliable the beta measurement will be.

Bond Statistic Average Coupon: The average coupon is the weighted average coupon rate of all the bonds in the fund.

Bond Statistic Average Duration in Years: Expressed in years, average duration is a weighted average of the estimated price sensitivity of the bonds in the fund's portfolio to a given change in interest rates. With respect to individual bonds, for example, a duration of 4 years indicates that the price of a bond will rise/fall by approximately 4% if rates in general fall/rise by 1%. Typically, bonds with a longer duration pay higher interest but are more sensitive to interest rate changes.

Bond Statistic Average Life in Years: Expressed in years, average life is time weighting the expected principal payments, taking into consideration the impact of calls and prepayments. In general, it is a better measure than average maturity for bonds that have the ability to prepay principal before they reach maturity (e.g., mortgages, mortgage-backed securities and asset-backed securities). Data shown is a weighted average of the bond funds held in the fund's portfolio.

Bond Statistic Average Yield to Maturity: A weighted average of all the fund's bond holding's yield to maturities. Yield to maturity is the return a bond earns if held to maturity, based on its price and coupon. Assumes that coupon payments can be reinvested at the yield to maturity.

Capture Ratio Downside: Capture ratios reflect the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).

Capture Ratio Upside: Capture ratios reflect the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).

Distribution rate 12-month: The income per share paid by the fund over the past 12 months to an investor from dividends (including any special dividends). The distribution rate is expressed as a percentage of the current price.

Historical Long-Term Capital Gains: When a capital gain distribution is paid, the net asset value per share is reduced by the amount of the payment plus or minus any change in the value of the fund's holdings. Read our explanation of the effect of a capital gain on a fund's price for details. Two types of capital gains are realized by our funds — short-term and long-term. Net short-term capital gains are distributed to shareholders as income dividends and are taxed at ordinary income tax rates. Long-term capital gain distributions are taxed at a maximum 15% rate. The information above classifies gain from the sale or exchange of a capital asset held for more than one year as a long-term capital gain.

Historical Regular Dividend: The share prices of all of our equity funds decrease when a dividend is paid. The share price of Capital World Bond Fund, American Funds Strategic Bond Fund and American Funds Inflation Linked Bond Fund also decrease when a dividend is paid. A fund pays a special dividend when the investment income generated by the fund exceeds the income the fund has paid in the form of dividends throughout the year. Special dividends are distributed with the last dividend payment at the end of the calendar year. Prior to January 1, 2003, short-term capital gains distributed to shareholders as income dividends and special dividends paid to shareholders were included in the aggregate income dividend dollar amount.

Historical Short-Term Capital Gains: When a capital gain distribution is paid, the net asset value per share is reduced by the amount of the payment plus or minus any change in the value of the fund's holdings. Read our explanation of the effect of a capital gain on a fund's price for details. Two types of capital gains are realized by our funds — short-term and long-term. Net short-term capital gains are distributed to shareholders as income dividends and are taxed at ordinary income tax rates. Long-term capital gain distributions are taxed at a maximum 15% rate.

Historical Special Dividend: The share prices of all of our equity funds decrease when a dividend is paid. The share price of only one of our fixed-income funds, Capital World Bond Fund, also decreases when a dividend is paid. A fund pays a special dividend when the investment income generated by the fund exceeds the income the fund has paid in the form of dividends throughout the year. Special dividends are distributed with the last dividend payment at the end of the calendar year. Prior to January 1, 2003, short-term capital gains distributed to shareholders as income dividends and special dividends paid to shareholders were included in the aggregate income dividend dollar amount.

Morningstar rating: In an effort to classify funds by what they own, as well as by their prospectus objectives and styles, Morningstar developed Morningstar Categories. While the prospectus objective identifies a fund's investment goals based on the wording in the fund prospectus, the Morningstar Category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings (portfolio and other statistics over the past three years).

R-Squared: R-squared is a measure of the correlation between a particular fund's return and that of its benchmark index. A measure of 100 indicates that all of the fund's return can be explained by movements in its benchmark. Generally the higher the R-squared measure, the more reliable the beta measurement will be. Calculated by Morningstar.

S&P Target Date Retirement Income Index: The S&P Target Date Retirement Income Index, a component of the S&P Target Date Index Series, has an asset allocation and glide path that represent a market consensus across the universe of target date fund managers. The index is fully investable with varying levels of exposure to the asset classes determined during an annual survey process of target date funds’ holdings.

Standard Deviation: Annualized standard deviation (based on monthly returns) is a common measure of absolute volatility that tells how returns over time have varied from the mean. A lower number signifies lower volatility. Calculated by Morningstar.

Valuation Price-to-Cash Flow: Price-to-cash-flow (P/C) ratio is the average price to cash flow ratio of the individual stocks within a fund.

Valuation Price-to-Earnings Ratio: Price-to-earnings (P/E) ratio takes the current price of a stock divided by its earnings per share. The ratio reflects the cost of a given stock per dollar of current annual earnings and is the most common measure of a stock's expense. The higher the P/E, the more investors are paying, and therefore the more earnings growth they are expecting.

Valuation: Price-to-book ratio compares a stock's market value to the value of total assets less total liabilities (book value). Adjusted for stock splits. Price-to-cash-flow (P/C) ratio is the average price to cash flow ratio of the individual stocks within a fund. Price-to-earnings (P/E) ratio takes the current price of a stock divided by its earnings per share. The ratio reflects the cost of a given stock per dollar of current annual earnings and is the most common measure of a stock's expense. The higher the P/E, the more investors are paying, and therefore the more earnings growth they are expecting.

Growth of a hypothetical $10,000 investment

This chart tracks a Class F-2 share investment over the last 20 years, or, since inception date if the fund has been in existence under 20 years.

American Funds Retirement Income Portfolio - Conservative (FDFWX)

Index

Figures shown are past results and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely.View fund expense ratios and returns.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.

Fund shares of U.S. Government Securities Fund are not guaranteed by the U.S. government.

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries.

The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings.Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds.Investments in mortgage-related securities involve additional risks, such as prepayment risk, as more fully described in the prospectus.While not directly correlated to changes in interest rates, the values of inflation-linked bonds generally fluctuate in response to changes in real interest rates and may experience greater losses than other debt securities with similar durations.

For more information about the risks associated with each fund, go to its detailed fund information page or read the prospectus.The Retirement Income Portfolio Series' investment allocations may not achieve fund objectives, and adequate income through retirement is not guaranteed. There are expenses associated with the underlying funds in addition to fund-of-funds expenses. The funds’ risks are directly related to the risks of the underlying funds. Payments consisting of return of capital will result in a decrease in an investor’s fund share balance. Higher rates of withdrawal and withdrawals during declining markets may result in a more rapid decrease in an investor’s fund share balance. Persistent returns of capital could ultimately result in a zero account balance.

There may have been periods when the fund(s) lagged the index(es).Certain market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

All American Funds trademarks referenced are registered trademarks owned by American Funds Distributors, Inc. or an affiliated company.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses.

For American Funds Retirement Income Portfolio - Conservative, the investment adviser is currently reimbursing a portion of other expenses through at least April 7, 2018, without which the results would have been lower and net expense ratios higher. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. Please see the fund's most recent prospectus for details.When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower.Read details about how waivers and/or reimbursements affect the results for each fund.View results and yields without fee waiver and/or expense reimbursement
.

Content contained herein is not intended to serve as impartial investment or fiduciary advice. The content has been developed by Capital Group, which receives fees for managing, distributing and/or servicing its investments.

Terms and Definitions

S&P Target Date Retirement Income Index: The S&P Target Date Retirement Income Index, a component of the S&P Target Date Index Series, has an asset allocation and glide path that represent a market consensus across the universe of target date fund managers. The index is fully investable with varying levels of exposure to the asset classes determined during an annual survey process of target date funds’ holdings.

Annual Returns

For Class F-2 Shares, this chart tracks the total returns since the fund's inception date (Friday, August 28, 2015) through December 31, 2017. Fund returns and, if available, index returns are for calendar years except for the inception year (2015), which may not be a full calendar year. In cases where the index was launched after the fund inception, the index returns are shown in calender years.

American Funds Retirement Income Portfolio - Conservative (FDFWX)

Index

Figures shown are past results and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely.View fund expense ratios and returns.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.

Fund shares of U.S. Government Securities Fund are not guaranteed by the U.S. government.

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries.

The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings.Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds.Investments in mortgage-related securities involve additional risks, such as prepayment risk, as more fully described in the prospectus.While not directly correlated to changes in interest rates, the values of inflation-linked bonds generally fluctuate in response to changes in real interest rates and may experience greater losses than other debt securities with similar durations.

For more information about the risks associated with each fund, go to its detailed fund information page or read the prospectus.The Retirement Income Portfolio Series' investment allocations may not achieve fund objectives, and adequate income through retirement is not guaranteed. There are expenses associated with the underlying funds in addition to fund-of-funds expenses. The funds’ risks are directly related to the risks of the underlying funds. Payments consisting of return of capital will result in a decrease in an investor’s fund share balance. Higher rates of withdrawal and withdrawals during declining markets may result in a more rapid decrease in an investor’s fund share balance. Persistent returns of capital could ultimately result in a zero account balance.

There may have been periods when the fund(s) lagged the index(es).Certain market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

All American Funds trademarks referenced are registered trademarks owned by American Funds Distributors, Inc. or an affiliated company.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses.

For American Funds Retirement Income Portfolio - Conservative, the investment adviser is currently reimbursing a portion of other expenses through at least April 7, 2018, without which the results would have been lower and net expense ratios higher. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. Please see the fund's most recent prospectus for details.When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower.Read details about how waivers and/or reimbursements affect the results for each fund.View results and yields without fee waiver and/or expense reimbursement
.

YTD (year-to-date return): the net change in the value of the fund's shares (in percentage terms) from January 1, 2017, to the current date shown above.

Content contained herein is not intended to serve as impartial investment or fiduciary advice. The content has been developed by Capital Group, which receives fees for managing, distributing and/or servicing its investments.

Terms and Definitions

S&P Target Date Retirement Income Index: The S&P Target Date Retirement Income Index, a component of the S&P Target Date Index Series, has an asset allocation and glide path that represent a market consensus across the universe of target date fund managers. The index is fully investable with varying levels of exposure to the asset classes determined during an annual survey process of target date funds’ holdings.

Volatility & Returns

For Class F-2 Shares, this chart tracks the 10-year standard deviation and 10-year annualized return of the equity funds.

Volatility & Return chart is not available for funds less than 10 years old.

Download Data for FDFWX

Some statistics may not be available for all fund (e.g., Top Equity Holdings for Bond funds). Data presented in Excel .xls format.

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